Bancor (BNT)

$1.79574 (13.8%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
100 $177,497,000.00 $63,597,500.00 98,843,400 BNT -- 13.8% 4.04% -$247.81

Exchange Pair Volume (24h) Price
Coinbase Pro BNT/USD 3,596,216.00 1.7961000000
MXC BNT/USDT 8,319,159.00 1.7930000000
Binance BNT/USDT 2,894,127.00 1.7924000000
Crypto.com BNT/USDT 22,385.00 1.7971000000
Huobi Global BNT/USDT 446,709.00 1.7959000000
Coinbase Pro BNT/GBP 133,778.00 1.3184000000
HitBTC BNT/BTC 1,646,339.00 0.0000485800
Binance BNT/BTC 1,267,302.00 0.0000486900
Bilaxy BNT/USDT 1,120,709.00 1.8081000000
OKEx BNT/USDT 3,070,212.00 1.7870000000
OKEx BNT/BTC 1,191,970.00 0.0000486000
Bitrue BNT/BTC 1,451,951.00 0.0000486000
P2PB2B BNT/USD 29,105.00 1.7945000000
Coinbase Pro BNT/EUR 411,081.00 1.4867000000
P2PB2B BNT/USDT 28,757.00 1.8019000000
BKEX BNT/USDT 2,054,102.00 1.7951000000
HitBTC BNT/USD 2,363.39 1.8110240000
AAX BNT/USDT 287,566.00 1.7903000000
AAX BNT/BTC 279,444.00 0.0000486500
Coinbase Pro BNT/BTC 485,833.00 0.0000488100
Crypto.com BNT/CRO 11,883.76 22.8360000000
Binance BNT/ETH 151,954.00 0.0014660000
Binance BNT/BUSD 163,427.00 1.7891000000
Bitrue BNT/ETH 652.32 0.0014630000
P2PB2B BNT/BTC 8,535.77 0.0000484000
Hotbit BNT/BTC 4,755.05 0.0000488100
Hotbit BNT/USDT 9,635.48 1.7966605700
Huobi Global BNT/BTC 68,433.00 0.0000486300
Uniswap (v2) 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 182,966.00 0.0014612084
Atomars BNT/BTC 7,020.66 0.0000488100
Digifinex BNT/USDT 1,646.43 1.8000000000
XT BNT/USDT 297,277.00 1.7924000000
Atomars BNT/USDT 13,227.51 1.7925000000
Bitfinex BNT/USD 960.46 1.7934000000
Huobi Global BNT/ETH 61,558.00 0.0014670000
Hotbit BNT/ETH 4,610.56 0.0014622300
Atomars BNT/ETH 697.89 0.0014590000
Emirex BNT/BTC 8,982.00 0.0000482400
CoinEx BNT/USDT 98,120.00 1.7978000000
LATOKEN BNT/ETH 837.48 0.0014665000
P2PB2B BNT/ETH 10,123.58 0.0014650000
Dove Wallet BNT/ETH 29.99 0.0014593700
CoinBene BNT/BTC 64,925,062.00 0.0000480500
VCC Exchange BNT/USDT 1,730,944.00 1.7966000000
VCC Exchange BNT/BTC 764,702.00 0.0000486700
VCC Exchange BNT/ETH 47,083.00 0.0014660000
BitZ BNT/USDT 958,867.00 1.7949000000
Hoo.com BNT/USDT 902,486.00 1.7970000000
TOKOK BNT/USDT 99,270.00 1.7932000000
CoinEx BNT/ETH 38,282.00 0.0014666500
Poloniex BNT/BTC 16,344.17 0.0000486400
Aprobit BNT/KRW 16,117.43 1,975.0000000000
ChainEX BNT/BTC 11,101.04 0.0000484400
Dove Wallet BNT/TUSD 0.05 1.7250900000
HBTC BNT/USDT 26,393,483.00 1.7952000000
BitAsset BNT/TWD 36,596.00 50.7390000000
CoinEx BNT/BTC 34,652.00 0.0000485800
Dove Wallet BNT/PAX 0.03 1.5445500000
Dove Wallet BNT/USDC 0.03 1.7269800000
Bancor Network ETH/BNT 8,747,283.00 603.3064072379
Bancor Network DAI/BNT 2,303,598.00 0.5289060640
Bancor Network USDT/BNT 1,255,228.00 0.5587004181
1inch 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 736,206.00 0.0014794212
Bancor Network WBTC/BNT 687,269.00 20,733.9829981339
WhaleEx BNT/USDT 307,850.00 1.7965000000
ZG.com BNT/USDT 91,902.00 1.8010000000
Bancor Network MRPH/BNT 80,517.00 0.3943528669
Bancor Network JRT/BNT 37,051.00 0.0487642754
Bancor Network RPL/BNT 10,137.87 1.8573610159
Bancor Network MFG/BNT 9,261.60 0.0085373114
Bancor Network EOS/BNT 5,955.47 1.5857913098
Bancor Network IQ/BNT 5,842.78 0.0020743109
Bancor Network SRN/BNT 5,326.98 0.0143418495
Bancor Network DATA/BNT 5,238.41 0.0287658601
Bancor Network REM/BNT 4,563.66 0.0020055473
Bancor Network MKR/BNT 4,365.87 860.0071120107
Bancor Network NMR/BNT 3,365.69 15.5900058684
Bancor Network TKN/BNT 3,159.01 0.2342557918
Bancor Network RCN/BNT 2,902.95 0.0261150472
Bancor Network CEEK/BNT 2,758.68 0.0011321390
Huobi Korea BNT/USDT 2,540.22 1.7946000000
Bancor Network MDT/BNT 2,479.80 0.0128417742
Bancor Network VIB/BNT 2,448.91 0.0116789303
Bancor Network EURS/BNT 2,225.40 0.6993006993
Bancor Network MAD/BNT 2,030.50 0.0110107175
Bancor Network STX/BNT 1,926.69 0.0078582170
Bancor Network PLR/BNT 1,670.39 0.0136197090
Bancor Network SAN/BNT 1,417.96 0.0451190294
Bancor Network XNK/BNT 1,368.83 0.0005004565
Bancor Network MTL/BNT 1,231.35 0.2510283981
Bancor Network MEETONE/BNT 1,024.98 0.0000844898
Bancor Network MYB/BNT 849.98 0.0008436364
Bancor Network AMN/BNT 806.15 0.0026155141
Bancor Network SPD/BNT 627.40 0.0000584326
Bancor Network FTX/BNT 345.40 0.0027127375
Bancor Network XBP/BNT 286.15 0.0004629416
Bancor Network USDB/BNT 285.25 0.5286887071
Bancor Network FLIXX/BNT 273.63 0.0013195120
Bancor Network GRID/BNT 250.55 0.1002398232
Bancor Network TNS/BNT 189.20 0.0011603516

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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